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NEW FORM 941, FORM 7200, ERC, TAX CREDITS UNDER FFCRA, & OTHER PAYROLL UPDATES IN COVID-19
- How a PPP loan ties into all of this
- How to claim credit in Families First Coronavirus Response Act for qualified sick leave wages, qualified family leave wages
- Overview of revisions to the Form 941
- How deferral of employer-side Social Security tax works
- To review payroll-related COVID-19 relief provisions: deferral of Social Security tax, the ERC, and tax credits under the FFCRA
Overview of the webinar
The IRS recently released a new version of Form 941 for the second quarter of 2021. This revised form will account for COVID-19 related tax credits, including the employee retention credit (ERC) and tax credits under the Families First Coronavirus Response Act. We will cover the new Form 7200 for claiming advance payment of the tax credits, and how to reconcile on Form 941. The course will also review the ERC and FFCRA credits, as well as the ability to defer employer-side Social Security taxes. We will tie everything together with a case study that includes filling out forms.
CARES Act and Stimulus packages have thrown a lot of incentives and money on the table for small business. CPA, Accountants, Tax Professionals, and Advisors have to look into all the aspects to serve their clients or advise their company. In the noise of PPP and it's a forgivability lot of other things have been overlooked, which could bear a very significant impact on your clients. Among the many tax provisions included in the CARES Act, crafted to provide liquidity for businesses suffering the effects of the COVID-19 outbreak, is one that postpones the employer portion of certain payroll taxes imposed in 2021 and gets tax credits. In this Online continuing education course, we shall highlight some of the overlooked aspects of these changes
Who should attend?
- Certified Financial Planner
- Certified Payroll Manager
- CPA - Large Firm
- CPA - Mid Size Firm
- CPA - Small Firm
- CPA in Business
- Enrolled Agent
- Entrepreneurial CPA
- HR Professionals
- Human Resources Manager
- Payroll Compliance Practitioner
- Tax Accountant (Industry)
- Tax Director (Industry)
- Tax Firm
- Tax Managers
- Tax Practitioners
- Tax Preparer
- Tax Pros
- Young CPA
Why should you attend?
- The ability to defer payment on employer-side Social Security taxes
- A tax credit for employers who meet the requirements for the Employee Retention Credit
- A tax credit for paying mandatory sick leave under the Families First Coronavirus Response Act
- New form 941 of Quarterly payroll filings, to account for these deferrals and credits
- A new form called Form 7200 can be used for claiming advance payments on the tax credits for qualified sick leave wages, qualified family wages, and employee retention credits
- We will talk about how all of these provisions and forms tie together. We will also discuss how Payroll Protection Program (PPP) loans enter into the mix on this.
Tax Expert Jason Dinesen has been very vocal on COVID-19 and has garnered great reviews for providing his insights to attendees. He has educated more than 10000 professionals so far on COVID-19 related topics. This new CPE/CE webinar is going to be an insightful experience for all the attendees
Faculty - Mr.Jason Dinesen
Jason Dinesen (EA, LPA) is a tax nerd, entrepreneur, tax expert and a well-known presenter of continuing education courses.
Known for his sharp tax interpretations, he is one of the quickest to bring the analysis of the latest tax updates and IRS guidance to the professional community. Jason has coached over 200,000 accounting, tax, and HR professionals on various topics of accounting, individual taxation, corporate taxation, professional ethics and much more.
He has presented over dozens of webinars on Form 1099 (for 10 years on this subject!); marriage in the tax code; tax updates; the new Form W-4, payroll updates, filing status, tax credits, corporation and partnership taxation and other issues relating to the modern-day setting.
Jason always had a knack for speaking and news reporting. He is regularly featured as an anchor for Radio Iowa and Radio Minnesota, is a frequent Podcast Guest and hosts his own Podcast.
Credits
HR (General) recertification credit hours toward aPHR™, PHR®, PHRca®, SPHR®, GPHR®, PHRi™ and SPHRi™ recertification through HR Certification Institute® (HRCI®). Please make note of the activity ID number on your recertification application form. For more information about certification or recertification, please visit the HR Certification Institute website at www.hrci.org
ComplianceIQ is recognized by SHRM to offer Professional Development Credits (PDCs) for the SHRM-CPSM or SHRM-SCPSM. This program is valid for [1] PDCs for the SHRM-CPSM or SHRM-SCPSM. For more information about certification or recertification, please visit www.shrmcertification.org.